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(Marginal economics) Managers often must determine the total cost… (Marginal economics) Managers often must determine the total cost of producing various levels of output. The relation between total cost (C) and quantity (Q) can be specified as:C = a + bQ + cQ2 + dQ3 .1- According to this equation, define what do we mean by the parameters, parameters estimates, regression analysis, dependent variable and explanatory variables. 2-“We are not as much interested in knowing the ways the various statistics are calculated as we are in knowing how these statistics can be interpreted and used.” Do you agree with this statement? Explain your answer. Business Economics BUSINESS 305

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